Swisstek Ceylon : PARQ-Interim Financial Statements as at 30-06-2022

Swisstek (Ceylon) PLC

Provisional Financial Statements

For the Three Months Ended 30th June 2022

Page 1

SWISSTEK ( CEYLON) PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED 30TH JUNE 2022

STATEMENT OF FINANCIAL POSITION
	GROUP	COMPANY
As at	30-06-2022	31-03-2022	30-06-2022	31-03-2022
	Unaudited	Audited	Unaudited	Audited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
ASSETS
Property, plant and equipment	3,441,203	3,435,474	1,815,932	1,791,397
Investment property	211,985	211,985	211,985	211,985
Other long term investment	56,667	56,667	229,784	229,784
Non current assets	3,709,855	3,704,126	2,257,701	2,233,166
Inventories	5,362,448	2,848,173	429,428	255,997
Trade & other receivables	3,797,042	3,559,031	644,080	559,921
Income tax receivable	69,029	-	-	-
Contract Assets	36,152	29,343	36,152	29,343
Amounts due from related parties	14,309	4,789	166,107	65,133
Cash & cash equivalents	571,889	575,657	359,086	378,320
Current assets	9,850,869	7,016,993	1,634,853	1,288,714
Total assets	13,560,724	10,721,119	3,892,554	3,521,880
EQUITY
Stated capital	368,256	368,256	368,256	368,256
Reserves	796,941	796,941	694,623	694,623
Retained Earnings / (losses)	1,828,388	1,989,933	1,002,149	913,908
Equity attributable to owners of the company	2,993,585	3,155,130	2,065,028	1,976,787
Non controlling interest	168,600	204,676	-	-
Total equity	3,162,185	3,359,806	2,065,028	1,976,787
Liabilities
Retirement benefits obligation	52,446	49,051	11,628	10,953
Lease Rental Payable after one year	23,411	21,576	-	-
Deferred tax liability	375,169	369,555	230,242	224,628
Long term borrowings payable after one year	461,914	494,071	288,818	304,208
Non current liabilities	912,940	934,253	530,688	539,789
Trade & other payables	3,206,933	2,124,998	368,622	354,544
Contract liabilities	3,836	3,836	3,836	3,836
Long term borrowings payable within one year	223,819	223,819	123,819	123,819
Short term loans	4,935,165	3,445,119	446,723	344,318
Amount due to related parties	64,183	40,679	14,926	1,677
Lease Rental Payable within one year	2,247	4,083	-	-
Income tax payable	84,158	104,558	84,158	69,420
Bank overdrafts	965,258	479,968	254,754	107,690
Current liabilities	9,485,599	6,427,060	1,296,838	1,005,304
Total liabilities	10,398,539	7,361,313	1,827,527	1,545,094
Total equity and liabilities	13,560,724	10,721,119	3,892,554	3,521,880
Net asset value per share ( Rs.)	21.87	23.05	15.09	14.44
Figures in brackets indicate deductions.

The notes to the financial statement on page 5 form an integral part of these Financial Statements.

It is certified that the interim financial statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.

Sgd.

General Manager-Finance

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Signed for and on behalf of the board by

Sgd.	Sgd.
Director	Director
9th August 2022

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SWISSTEK ( CEYLON) PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED 30TH JUNE 2022

STATEMENT OF COMPREHENSIVE INCOME

		GROUP			COMPANY
Period ended	30-06-2022	30-06-2021	Variance	30-06-2022	30-06-2021	Variance
	Unaudited	Unaudited	% for the	Unaudited	Unaudited	% for the
	Year	Year	Three	Year	Year	Three
	Rs.'000	Rs.'000	Months	Rs.'000	Rs.'000	Months
Sales ( net of tax)	2,308,059	1,340,207	72	869,182	423,889	105
Cost of sales	(1,524,036)	(1,034,510)	(47)	(585,048)	(315,380)	(86)
Gross profit	784,023	305,697	156	284,134	108,509	162
Other operating income	22,949	18,044	27	10,952	76,822	(86)
Distribution expenses	(203,606)	(115,635)	(76)	(71,453)	(30,467)	(135)
Administration expenses	(80,388)	(62,470)	(29)	(30,476)	(15,790)	(93)
Profit from operating activities	522,978	145,636	259	193,157	139,074	39
Other operating expenses	-	-	-	-	-	-
Net finance cost	(622,935)	(44,277)	(1,307)	56,917	(10,561)	639
Profit/(Loss) before taxation	(99,957)	101,359	(199)	250,074	128,513	95
Taxation	25,509	(31,543)	180.87	(38,659)	(24,740)	(56)
Profit/(Loss) for the period	(74,448)	69,816	(207)	211,415	103,773	104
Total comprehensive income for the period	(74,448)	69,816	(207)	211,415	103,773	104
Attributable to:
Owners of the company	(38,372)	66,381	(158)	211,415	103,773	104
Non-controlling interest	(36,076)	3,434	(1,150)	-	-
Profit/(Loss) for the year	(74,448)	69,816	(207)	211,415	103,773	104
Total comprehensive income attributable to:
Owners of the company	(38,372)	66,381	(158)	211,415	103,773	104
Non-controlling interest	(36,076)	3,434	(1,150)	-	-
Total comprehensive income for the period	(74,448)	69,816	(207)	211,415	103,773	104
Basic earnings per share (Rs.)	(0.28)	0.49	(158)	1.54	0.76	104

Figures in brackets indicate deductions.

The notes to the financial statement on page 5 form an integral part of these Financial Statements.

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SWISSTEK ( CEYLON) PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED 30TH JUNE 2022

STATEMENT OF CHANGES IN EQUITY
Group
	Stated	Revaluation	General	Retained	Shareholders'		Non-controlling	Total
	capital	reserve	reserve	earnings	funds		Interest	Equity
Balance as at 1st April 2021	368,256	777,099	19,842	1,533,341	2,698,535		182,392	2,880,930
Total comprehensive income
- Profit for the year	-	-	-	66,381	66,381		3,434	69,816
- Dividend paid	-	-	-	(143,703)	(143,703)		(8,835)	(152,538)
Balance as at 30th June 2021	368,256	777,099	19,842	1,456,019	2,621,213		176,991	2,798,208
Balance as at 1st April 2022	368,256	777,099	19,842	1,989,933	3,155,130		204,676	3,359,806
Total comprehensive income
- Profit/(Loss) for the year	-	-	-	(38,372)	(38,372)		(36,076)	(74,448)
- Dividend paid	-	-	-	(123,174)	(123,174)		-	(123,174)
Balance as at 30th June 2022	368,256	777,099	19,842	1,828,387	2,993,584		168,600	3,162,185
Company	Stated	Revaluation	General	Retained	Total
	capital	reserve	reserve	earnings	Equity
Balance as at 1st April 2021	368,256	674,781	19,842	604,873	1,667,752
Total comprehensive income
- Profit for the year	-	-	-	103,773	103,773
- Dividend paid	-	-	-	(143,703)	(143,703)
Balance as at 30th June 2021	368,256	674,781	19,842	564,943	1,627,822
Balance as at 1st April 2022	368,256	674,781	19,842	913,908	1,976,787
Total comprehensive income
- Profit for the year	-	-	-	211,415	211,415
- Dividend paid	-	-	-	(123,174)	(123,174)
Balance as at 30th June 2022	368,256	674,781	19,842	1,002,149	2,065,028
Segmental Information
		GROUP			COMPANY
For the period ended 30th June	2022	2021	Variance	2022	2021		Variance
	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
Turnover
Flooring and tile accessories	829,635	423,889	95.7%	829,635	423,889		95.7%
Aluminium products	1,478,424	916,318	61.3%	39,547	-		-
Consolidated turnover	2,308,059	1,340,207	72.2%	869,182	423,889		105.0%
Profit/ (Loss) before tax
Flooring and tile accessories	249,283	128,513	94.0%	249,283	128,513		94.0%
Aluminium products	(349,240)	(27,154)	1186.1%	791	-		-
Consolidated profit/ (Loss) before tax	(99,957)	101,359	-198.6%	250,074	128,513		94.6%

Figures in brackets indicate deductions.

The notes to the financial statement on page 5 form an integral part of these Financial Statements.

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SWISSTEK ( CEYLON) PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED 30TH JUNE 2022

CASH FLOW STATEMENT
	Group	Company
Period ended	30-06-2022	30-06-2021	30-06-2022	30.06.2021
	Unaudited	Unaudited	Unaudited	Unaudited
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
CASH FLOW FROM OPERATING ACTIVITIES
Profit/(loss) before tax	(99,957)	101,359	250,074	128,513
Adjustments for;
Depreciation	44,358	41,188	13,148	12,061
Amortisation	1,274	-	-	-
Provision on retirement benefit obligation	3,371	3,344	675	555
Interest cost	223,135	42,464	26,998	8,748
Exchange loss / (gain)	398,638	1,813	(83,915)	1,813
Operating profit/(loss) before working capital changes	570,819	190,168	206,980	151,690
Changes in working capital
- (Increase)/Decrease in inventory	(2,514,275)	(337,037)	(173,431)	(13,482)
- (Increase)/Decrease in trade & other receivables	(299,448)	(28,340)	(84,160)	17,518
- (Increase)/Decrease in amounts due from/to related parties	13,984	(2,904)	(87,725)	(12,246)
- Increase/(Decrease) in trade & other payables	702,163	198,627	133,519	(43,318)
- Contract Asset	(6,809)	60	(6,809)	60
- Contract Liability	-	(18,318)	-	(18,318)
Cash generated from operations	(1,533,565)	2,256	(11,626)	81,904
Interest paid	(221,602)	(42,198)	(62,525)	(6,726)
Tax paid	(18,307)	(11,864)	(18,307)	(11,864)
Net cash generated from/(used) in operating activities	(1,773,474)	(51,806)	(92,458)	63,314
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment	(50,088)	(43,899)	(37,682)	(12,197)
Net cash generated from/(used) in investing activities	(50,088)	(43,899)	(37,681)	(12,197)
CASH FLOW FROM FINANCING ACTIVITIES
Dividend paid to non controlling interest	(123,174)	(152,538)	(123,174)	(143,703)
Loan Obtained	3,613,499	2,040,220	343,949	255,873
Repayment of borrowings	(2,155,820)	(1,881,607)	(256,934)	(184,280)
Net cash generated from/(used) in financing activities	1,334,505	6,075	(36,159)	(72,110)
Net Increase/ (Decrease) in cash and cash equivalents	(489,057)	(89,630)	(166,298)	(20,993)
Cash & cash equivalents at the beginning of the year	95,688	(113,617)	270,630	48,205
Cash & cash equivalents at the end of the period (Note a)	(393,369)	(203,247)	104,332	27,212
Note a
Analysis of cash and cash equivalent at the end of the period
Cash at banks and cash in hand	571,889	232,047	359,086	205,111
Bank Overdraft	(965,258)	(435,294)	(254,754)	(177,899)
Cash and cash equivalent at the end of the period	(393,369)	(203,247)	104,332	27,212
Figures in brackets indicate deductions.	-	-	-	-

The notes to the financial statement on page 5 form an integral part of these Financial Statements.